Gold rebounds on signs of easing tensions in the Middle East, central bank buying continues
MiFID II exempt information – see disclaimer below
Andina Copper (ANDC CN) – Copper-Molybdenum system expanded at Cobrasco, Colombia
Cobra Resources (COBR LN) – £4.7m placing and subscription
GreenX Metals (GRX LN) – Polish government pays A$1.6m in legal costs from arbitration ruling
Jubilee Metals Group (JLP LN) – Molefe drilling results
Miata Metals (MMET CN) – 96m at 1.4g/t intercepted at Sela Creek, Suriname
Pan American Silver (PAAS US) – Revised PEA for La Colorada Skarn Project
Premier African Minerals (PREM LN) – Zulu lithium project, Zimbabwe aims for flotation plant commissioning in Q2 2026
Rio Tinto (RIO LN) – Secure future for Queensland aluminium smelter
Gold ($4,560/oz) rebounds on signs of easing tensions in the Middle East, central bank buying continues
- Gold prices have risen 1.9% this morning paring losses from the recent 20% slump.
- The metal has climbed alongside the wider precious metals complex, with silver up 4.6% this morning.
- The dollar has steadied at 99.3 on the index, following a ytd rally but still remains down 5% over the past 12 months.
- Gold is trading increasingly like a risk-on asset, tracking moves in the tech-heavy Nasdaq 100 in recent weeks.
- There was substantial selling in gold ETFs over the past two weeks, suggesting retail investors and momentum trading funds have reduced exposure to the metal.
- Reports suggest Turkey is considering reducing its gold reserves to fund supportive measures for the Lira.
- There is concern that countries most exposed to rising fuel costs, particularly in Asia, will need to seek liquidity from various sources to fund supportive stimulus measures, potentially resulting in gold sales.
- However, the World Gold Council expects central banks to boost holdings by c.850t in 2026, at similar levels to 2025.
- The industry body reported additional central bank buys ytd from new players, including Guatemala, Indonesia, and Malaysia, who are increasing purchases following a long hiatus.
- There is every chance that central banks look to the recent $1,000/oz sell-off in bullion prices as an opportunity to bolster holdings, as seen in October.
Conclusion: Volatility in gold prices reflects a major increase in interest from more speculative investment flows in 2025. The recent pullback has seen a sharp exit of much of this capital. However, we see the recent trend of Central Bank reserve diversification as set to continue, with new entrants buying in 2026. China and Russia’s reserves continue to sit well below those of the US (8,133t), Germany (3,350t), Italy (2,452t) and France (2,437t). Sustained geopolitical tensions, primarily between China and the US, should see a further rotation from US Treasuries into gold going forward.
Oil, LNG and helium – what the Middle East conflict means for energy markets – IG TV: https://www.youtube.com/watch?v=FlMVGvbgE9o
How the Iran conflict is reshaping global commodity markets – IG TV: https://youtu.be/oE6-k3hQDsM?si=sXBMY_UOZpvMP8EA
| Dow Jones Industrials | -0.18% | at | 46,124 | |
| Nikkei 225 | +2.87% | at | 53,750 | |
| HK Hang Seng | +1.09% | at | 25,336 | |
| Shanghai Composite | +1.30% | at | 3,932 | |
| US 10 Year Yield (bp change) | -3.2 | at | 4.33 |
Currencies
US$1.1614/eur vs 1.1593/eur previous. Yen 158.76/$ vs 158.54/$. SAr 16.847/$ vs 16.954/$. $1.342/gbp vs $1.340/gbp. 0.699/aud vs 0.697/aud. CNY 6.896/$ vs 6.889/$.
Dollar Index 99.22 vs 99.29 previous.
Economics
US – President Trump sends a 15-point plant for a month long ceasefire to Iran helping a recovery in risk sentiment.
- Brent slipped below $100/bbl with US Treasuries also down (10y -6bp).
- VIX pulled back but only slightly and remained at elevated >25.
- Market doubts if a potential ceasefire could be reached as separate reports suggest the US is sending troops into the region for a potential on the ground operation at Kharg Isand.
US – Flash PMI point to risks of stagflation with eyes on the duration of the war and its impact on energy prices an global supply chains.
- The data points to GDP growth momentum slowing to just 1% while inflation moving back up to 4%.
- Preliminary Manufacturing PMI (Mar/Feb/Est): 52.4 / 51.6 / 51.5
- Preliminary Services PMI (Mar/Feb/Est): 51.1 / 51.7 / 52.0
- Preliminary Composite PMI (Mar/Feb/Est): 51.4 / 51.9 / 51.9
Trump approval ratings hit the lowest point since he returned to the White House on rising fuel prices and Iran war disapproval.
- The latest Reuters/Ipsos poll showed 36% of Americans approved of Trump’s time in the office, down from 40% reported last week.
Trump postpones air strikes for five days to see if 15-points of agreement could be reached
- Equity markets and base metals are trading higher this morning
- The US administration will be talking to a range of connections in Iran and Trump may be talking to one or more senior leaders.
- The new Ayatollah has not been seen or heard of in public but a message from the new Ayatollah, Mojtaba Khamenei marking Nowruz, the start of the Iranian new year, ushered in the year of a “resistance economy under national unity and national security”.
- “At the moment, due to the particular unity that has been created between you, our compatriots – despite all the differences in religious, intellectual, cultural and political origins – the enemy has been defeated,” according to Khamenei.
Israel – continues to strike Iranian missile and IRGC sites
- The IAF says its aircraft have struck weapon storage sites and air defense systems in the capital.
- Overnight, more than 50 targets were struck in northern and central Iran, including ballistic missile storage and launch sites.
- They also claim to have disassembled a loaded rocket launcher which was aiming at Israel.
- More than 3,000 Iranian regime targets have been struck by the IAF which continues to degrade the regime’s military systems and production sites.
ECB – Christine Lagarde said the central bank stands ready to hike rates as early as April if inflation shock continues.
- “We are prepared, if appropriate, to make changes to our policy at any meeting,” the ECB president said.
- It is currently wait and see mode as policymakers “assess the nature, size and persistence” of the surge in inflation.
Germany
- IFO Business Climate (Mar/Feb/Est): 86.4 / 88.6 / 86.3
- IFO Current (Mar/Feb/Est): 86.7 / 86.7 / 86.2
- IFO Expectations (Mar/Feb/Est): 86.0 / 90.5 / 86.0
UK – Inflation remained at 3% through February with core measures picking during the month.
- A hike in energy and transportation costs are yet to come through in the data (expected March/April).
- CPI (%mom, Feb/Jan/Est): 0.4 / -0.5 / 0.4
- CPI (%yoy, Feb/Jan/Est): 3.0 / 3.0 / 3.0
- Core CPI (%yoy, Feb/Jan/Est): 3.2 / 3.1 / 3.1
- Services CPI (%yoy, Feb/Jan/Est): 4.3 / 4.4 / 4.2
Australia is planning to use floor pricing in its strategic reserve for critical minerals, Resources Minister said.
- “We are developing a strategic reserve. And that will no doubt have an element of a floor price as well,” Madeleine King told attendees of the Minerals Week Summit.
- The government is expecting to launch A$1.2bn strategic reserve in 2H26.
- Additionally, authorities are supporting miners using the export finance agency with additional A$4bn.
Russia – the conflict in Iran is seen as accelerating Russian liquidity issues relating to its deficit in military expenditure
- Russian Central Bank’s gold reserves fell to 74moz in February 2026 (Meduza)
- TASS reports Russia’s gold reserves have fallen by 500,000oz in the first two months of the year.
- We believe Russia forces its Oligarchs to buy gold from the central bank, presumably to evade sanctions
Quotes:
- “In this market environment, clearly cash is king and everybody wishes that they had more cash.” Amy Xie Patrick, Bond fund manager, Pendal Group
- “If the price of oil hits $150 a barrel it will trigger a global recession.” Larry Fink, Blackrock on BBC.
Precious metals:
Gold US$4,563/oz vs US$4,399/oz previous
Gold ETFs 98.2moz vs 98.4moz previous
Platinum US$1,971/oz vs US$1,888/oz previous
Palladium US$1,473/oz vs US$1,432/oz previous
Silver US$73.2/oz vs US$69.4/oz previous
Silver ETFs 807.0moz vs 799.7moz previous
Rhodium US$10,800/oz vs US$10,600/oz previous
Base metals:
Copper US$12,254/t vs US$11,995/t previous
Aluminium US$3,246/t vs US$3,220/t previous
Nickel US$17,345/t vs US$17,035/t previous
Zinc US$3,050/t vs US$3,067/t previous
Lead US$1,908/t vs US$1,892/t previous
Tin US$44,600/t vs US$44,190/t previous
Energy:
Oil US$98.1/bbl vs US$101.6/bbl previous
- Brent crude oil prices edged below $100/bbl as the US confirmed it was pursuing diplomatic efforts to end the war as Iran said that “non-hostile vessels” could pass through the Strait of Hormuz.
- The API estimated surprise US oil inventory w/w builds of 2.3mb (vs -1.3mb draw expected) to crude, 0.5mb to gasoline and 1.4mb to distillate stocks, as inventories at the Cushing storage hub also reflecting a build of 4mb.
- European energy prices also edged lower on hopes for a ceasefire in the Middle East, as France’s average nuclear generation fell 2% w/w to 72% of the country’s 61.4GW maximum capacity.
Natural Gas €49.5/MWh vs €55.7/MWh previous
Uranium Futures $84.2/lb vs $83.9/lb previous
Bulk:
Iron Ore 62% Fe Spot (Singapore) US$104.6/t vs US$107.9/t
Chinese steel rebar 25mm US$465.6/t vs US$466.1/t
HCC FOB Australia US$222.5/t vs US$222.5/t
Thermal coal swap Australia FOB US$145.5/t vs US$142.8/t
Other:
Cobalt LME 3m US$56,290/t vs US$56,290/t
NdPr Rare Earth Oxide (China) US$103,146/t vs US$104,874/t
Lithium carbonate 99% (China) US$21,383/t vs US$20,830/t
China Spodumene Li2O 6%min CIF US$2,040/t vs US$2,040/t
Ferro-Manganese European Mn78% min US$1,035/t vs US$1,035/t
China Tungsten APT 88.5% FOB US$2,373/mtu vs US$2,313/mtu
China Tantalum Concentrate 30% CIF US$258/lb vs US$258/mtu
China Graphite Flake -194 FOB US$415/t vs US$415/t
Europe Vanadium Pentoxide 98% US$5.8/lb vs US$5.8/lb
Europe Ferro-Vanadium 80% US$29.1/kg vs US$29.1/kg
China Ilmenite Concentrate TiO2 US$257/t vs US$258/t
US Titanium Dioxide TiO2 >98% US$2,759/t vs US$2,759/t
China Rutile Concentrate 95% TiO2 US$1,138/t vs US$1,139/t
Spot CO2 Emissions EUA Price US$65.1/t vs US$65.1/t
Brazil Potash CFR Granular Spot US$382.5/t vs US$382.5/t
Germanium China 99.99% US$3,075.0/kg vs US$3,075.0/kg
China Gallium 99.99% US$400.0/kg vs US$400.0/kg
EV & battery news
VW to recall 100,000 EVs over battery issue
- Volkswagen are recalling nearly 100,000 EVs with problems linked to battery modules.
- 75,000 ID series vehicle and nearly 20,000 Cupra Borns have battery modules that do not meet specification and can result in risk of fire.
- VW will recall the vehicles, run tests on individual battery modules and replace if needed.
Sion Power to pivot from EV batteries to defence industry amid Iran war
- Arizona-based battery start-up, Sion Power, has made the decision to switch tact from making EV batteries to focusing on battery products for the aerospace and defence industries.
- The decision comes amid growing demand for US drones by the Trump administration and slowing demand for EVs.
- Sion Power expects to commercialise high-energy lithium-metal battery cells for drones and other defense-related products later this year having focused on the development of EVs for almost a decade.
- The battery cells are designed for next-generation drones, autonomous systems and other mission-critical platforms that require maximum energy in the smallest, lightest possible footprint, according to CEO Pamela Fletcher.
- Sion Power’s lithium-ion cells have an energy densities exceeding 500Wh/kg, a significantly greater energy density, compared with approx. 300-350 Wh/kg for today’s most advanced lithium-ion technology.
- These batteries can power drones or missiles as well as their on-board systems such as cameras, sensors and processors for combat, surveillance and other needs.
Company News:
| Overnight Change | Weekly Change | Overnight Change | Weekly Change | ||
| BHP | 3.3% | 0.1% | Freeport-McMoRan | 2.8% | -2.8% |
| Rio Tinto | 1.6% | -4.1% | Vale | 0.5% | -1.5% |
| Glencore | 1.6% | 2.0% | Newmont Mining | 0.9% | -10.8% |
| Anglo American | 3.5% | 2.0% | Fortescue | 1.8% | 1.8% |
| Antofagasta | 3.3% | 0.7% | Teck Resources | 1.0% | -2.3% |
Andina Copper (ANDC CN) C$0.71, Mkt Cap C$190m – Copper-Molybdenum system expanded at Cobrasco, Colombia
- Andina Copper report further drilling results from their Cobrasco Project in Choco, Colombia.
- The Company reports assays from the third hole drilled by Andina at Cobrasco, which was intended to test the southern extensions of the Cobrasco system.
- Hole CDH005 returned: 454m at 0.43% Cu, 66ppm Mo, 1g/t Ag from 214m (inc. 198m at 0.51% Cu, 77ppm Mo, 1.2g/t Ag from 338m.
- The hole was terminated at a downhole depth of 934m, having intersected mineralised diorite to dacite-andesite porphyryies, intruded by narrow quartz-rich felsic rhyolite intrusions.
- Andina have unveiled a large, multi-phase Cu-Mo system, with drilling having tested a 1,000m x 750m footprint.
- Two step-out holes are currently pending assays, with another hole underway, set to target the northern extension of mineralisation.
- Management notes that less than half the 2,500- x 1,000m target area has been tested to date, and have mobilised a second rig to define the lateral extents of the Cu-Mo system.
- The target area holds a large copper-molybdenum surface geochemical anomaly, supported by geophysical data.
Conclusion: Tony Manini-backed Andina is unveiling a large-scale copper-molybdenum porphyry system at Cobrasco in Colombia, with mineralisation now extending over 1000m x 750m. Management is ramping up drilling with widespread step-out holes to boost their understanding of the extent of mineralisation at the Project. The Cobrasco project lies adjacent to Rio Tinto’s Comita discovery, in a relatively remote part of Colombia.
Cobra Resources (COBR LN) 4p, Mkt Cap £40m – £4.7m placing and subscription
- Cobra Resources has raised £1.68m via placing an additional ~41.9m shares at a price of 4p/share.
- In addition, “certain Australian major shareholders, directors and other subscribers have subscribed for … 75,075,000 new Ordinary Shares … and, together with the Placing Shares … [ the company is] … raising gross proceeds of approximately £3 million”.
- We estimate that the additional ~117m additional shares from the placing and subscription, which raised a net £4.5m, represent around 11% of the enlarged company and the proceeds enable “Cobra to accelerate Manna Hill Copper Project drilling following a scalable copper discovery and to advance Boland Rare Earth Project through pre-feasibility”.
- Directors, David Clarke and Daniel Maling participated in the fundraising with Mr. Clarke subscribing for ~10m shares taking his interest to 104.6m shares and Mr. Maling adding a further 375, 000 shares taking his holding to 2.65m shares.
- Chief Executive, Rupert Verco, whose spouse “subscribed for 125,000 new Ordinary Shares as part of the Subscription” said that “With the Fundraise now successfully closed, Cobra is entering its next phase with the financial backing required to accelerate activity across the Company’s assets”.
- He said that “This year’s work programmes have the potential to establish Cobra as a significant copper and rare earths developer in South Australia”.
GreenX Metals (GRX LN) 46.9p, Mkt Cap £139m – Polish government pays A$1.6m in legal costs from arbitration ruling
- GreenX Metals reports the receipt of A$1.6m for legal costs relating to its arbitration with the Government of Poland.
- The payment follows a recent ruling in a Singapore Court which upheld GreenX’s arbitration claim and award.
- “In January 2026, the Singapore International Commercial Court of the Republic of Singapore (Singapore Court) issued a judgment rejecting, in its entirety, Poland’s application to set-aside the Energy Charter Treaty (ECT) award”
- GreenX was awarded ~£252m (and rising with interest accrued at SONIA) in compensation and interest in the Australia-Poland Bilateral Investment Treaty (BIT) award after the Tribunal unanimously held that Poland breached its obligations under the BIT and ECT.
- The claim relates to compensation awarded in arbritration relating to the loss of the Jan Karski project and Dębieńsko projects in Poland.
- See: https://dailyjus.com/world/2024/11/mining-arbitration-series-a-perspective-from-poland
- Tannenberg, Germany):
- GreenX is also busy working at Tannenberg through the re-assay of historical core from Kuperschiefer black shales.
- The black shales have historically been mined in Germany and ongoing mining of the Kuperschiefer by KGHM in Poland.
- Historical estimates suggest a potential resource of >728kt copper grading 2.59%.
Conclusion: It looks like the government of Poland may have run out of options to dismiss payment of the arbritration award to GreenX. We hope GreenX will not have to resort to the seizure of Polish government assets as part of the repayment process.
Jubilee Metals Group (JLP LN) 3.45p, Mkt cap £106m – Molefe drilling results
- Jubilee Metals has now released the delayed results from its 3,390m Phase 1 drilling programme at the Molefe copper mine in Zambia, which is situated “within trucking distance of the Company’s Sable refinery”.
- The infill drilling has confirmed “copper ore grades consistent with those incorporated in Molefe Mine’s expansion mine plan” and also identified an additional near-surface zone of copper oxide mineralisation which extends the known mineralisation “by approximately 250 metres beyond the expansion mine plan with mineralisation remaining open to the east”.
- The company confirms that a second phase of drilling is currently underway “targeting the eastern extension to determine the full extent of the mineralised zone”.
- Among the results highlighted in today’s announcement which provide “a strong foundation for the advancement of a formal resource estimate” are
- A 16m wide interval containing :8.01% total copper (1.60% acid soluble copper) from a depth of 18.00m in hole MNK-DD-010; and
- A 20m wide interval containing :5.33% total copper (0.92% acid soluble copper) from a depth of 22.00m in hole MNK-DD-011; and
- A 10.7m wide intersection containing :6.54% total copper (2.17% acid soluble copper) from a depth of 37.00m in hole MNK-DD-012; and
- A 6.8m wide interval containing :5.40% total copper (2.06% acid soluble) from a depth of 54.20m in hole MNK-DD-014; and
- A 7.50m wide interval containing :9.17% total copper (1.30% acid soluble) from a depth of 43.00m in hole MNK-DD-015; and
- A 2.17m wide interval containing :5.40% total copper (1.80% acid soluble) from a depth of 60.83m in hole MNK-DD-016.
- Some assay results are still awaited.
- CEO, Leon Coetzer, explained that the results “confirm the apparent continuation of the high-grade copper reef close to surface that is currently being accessed at the Molefe Mine operations”.
- He commented that the high grades “of shallow copper oxide … [mineralisation are] … perfectly suited for processing and refining at the nearby Sable refinery”.
- Explaining the rationale for the Phase 2 drilling, currently in progress, Mr. Coetzer said that it “will be used to provide a clearer timeline for the release of a formal resource estimate … [and that the] … updated expanded mine plan, incorporating the latest drill results … is expected to be published … within the coming three weeks”.
Conclusion: Drilling at Molefe has shown eastward extensions to the mineralisation and is being followed up with additional drilling as the company works towards a mineral resource estimate and expanded mine plan over the coming weeks.
Miata Metals (MMET CN) C$0.50, Mkt Cap C$52m – 96m at 1.4g/t intercepted at Sela Creek, Suriname
- Suriname gold explorer Miata Metals reports drilling results from its 25,000m programme at Sela Creek.
- Miata reported assays from the Big Berg target.
- Highlights include:
- 26DDH-BB-003: 67.5m at 1.13g/t Au from surface and 96m at 1.4g/t Au from 96m
- DDH-BB-001: 7m at 3.75g/t Au from 96m
- DDH-BB-002: 25m at 0.9g/t Au from 69m
- DDH-BB-04: 7.3m at 2.79g/t Au from 91m and 7.2m at 1.99g/t Au from 110m
- The Company suggests Big Berg and Jons Trend are open along strike and at depth.
- Management suggests they have unveiled a ‘large and robust gold system; at Big Berg, with a rig now returning to Big Berg to continue testing.
Pan American Silver (PAAS US) $50, Mkt Cap $21bn – Revised PEA for La Colorada Skarn Project
- Pan American reports a revised PEA for the La Colorada vein project, to include high-grade skarn mineralisation in Mexico.
- The PEA envisages a long-hole stoping underground operation with a 15,000tpd plant over a 37 year mine life.
- The La Colorada skarns are expected to add 15.8mozpa Ag over the first five years, adding to the 3.3mozpa expected from the existing La Colorada reserves.
- AISC expected at negative $22.67/oz on zinc and lead by-products.
- Post-tax NPV5 of $2.6bn with IRR of 17% at $45/oz Ag, $2,800/t Zn and $2,000/t Pb.
- Pan American expects $653mpa in incremental free cash flow at its base case pricing scenario.
- Management sees the combination of high-grade veins at La Colorada and high-grade skarn mineralisation offering the potential for La Colorada to become ‘one of the largest and lowest cost silver mines globally.’
- The Company notes that 45,700m of skarn drilling and 48,000m of vein drilling has not been included in the MRE used for the revised PEA.
Premier African Minerals (PREM LN) 0.02p, Mkt Cap £3.2m – Zulu lithium project, Zimbabwe aims for flotation plant commissioning in Q2 2026
- Premier African Minerals, which raised £0.5m earlier this month to “assist with operational requirements, the ongoing installation and commissioning of the 15-20 TPH flotation plant” at its’ Zulu lithium project in Zimbabwe, has issued a progress report.
- The company confirms that now installed the new flotation cells and that additional work is continuing with “Commissioning and optimisation … [of the plant remaining] … on track for Q2 2026”.
- Managing Director, Graham Hill, said that the “installation of the Xinhai Flotation Plant is advancing well and, importantly, in line with our planned timeline”.
- The announcement confirms that “Approximately 5,000 tonnes of ore … [are] … available on ROM stockpile for early commissioning”.
Conclusion: Flotation plant commissioning targeted next quarter as company aims for “steady-state production of spodumene concentrate”.
Rio Tinto (RIO LN) – 6,555p, Mkt cap £81bn – Secure future for Queensland aluminium smelter
- Rio Tinto reports agreement with the Queensland and Australian authorities to secure the long-term future of its Boyne aluminium smelter at Gladstone.
- “Under the deal, the Queensland and Commonwealth Governments will invest a combined A$2 billion over 10 years to 2040, finalising the terms of a previously announced partnership between Queensland and Rio Tinto, and forming part of the Federal Government’s Future Made in Australia initiative”.
- The announcement confirms that the “partnership supports the transition to long-term competitive power for the smelter and manufacturing jobs in Central Queensland for the longer term”.
- The Boyne smelter is “Australia’s second largest aluminium smelter” and, together with the adjacent Queensland Alumina refinery, forms an “integrated aluminium production chain in Queensland … [which] … is a significant economic driver, employing over 4,500 people directly and supporting thousands more Australian livelihoods”.
- Describing the scale of its involvement in the Queensland aluminium industry, Rio Tinto says that its “operations in Gladstone alone account for more than 3,000 jobs, with 1,000 of those at BSL. Additionally, Rio Tinto’s bauxite … [mining] … operations in Weipa employ more than 1,300 people, supplying raw materials to the Gladstone manufacturing facilities”.
LSE Group Starmine awards for Reuters Polls 2025 / 2024 commodity forecasting:
No1 for Precious Metals: CY 2025
No.1 in Precious Metals: Q1 2025
No.1 in Precious Metals: CY 2024
No.2 in Base Metals: CY 2024
Analysts
John Meyer –John.Meyer@spangel.co.uk – 0203 470 0490
Simon Beardsmore – Simon.Beardsmore@spangel.co.uk – 0203 470 0484
Sergey Raevskiy –Sergey.Raevskiy@spangel.co.uk – 0203 470 0474
Arthur Parish – Arthur.Parish@spangel.co.uk – 0203 470 0476
Sales
Richard Parlons –Richard.Parlons@spangel.co.uk – 0203 470 0472
Abigail Wayne –Abigail.Wayne@spangel.co.uk – 0203 470 0534
Rob Rees –Rob.Rees@spangel.co.uk – 0203 470 0535
Grant Barker – Grant.Barker@spangel.co.uk – 0203 470 0471
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*SP Angel are the No1 integrated nomad and broker by number of mining brokerage clients on AIM according to the AIM Advisers Ranking Guide (joint brokerships excluded)
+SP Angel employees may have previously held, or currently hold, shares in the companies mentioned in this note.
| Sources of commodity prices | |
| Gold, Platinum, Palladium, Silver | BGNL (Bloomberg Generic Composite rate, London) |
| Gold ETFs, Steel | Bloomberg |
| Copper, Aluminium, Nickel, Zinc, Lead, Tin, Cobalt | LME |
| Oil Brent | ICE |
| Natural Gas, Uranium, Iron Ore | NYMEX |
| Thermal Coal | Bloomberg OTC Composite |
| Coking Coal | SSY |
| RRE | Steelhome |
| Lithium Carbonate, Ferro Vanadium, Tungsten, Spodumene, Ferro-Manganese, Graphite, Rutile | Asian Metal |
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